UP Ibalon Bicol: closures

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152 RP nursing colleges warned of closure

11/25/2009 | Posted by mesiamd | Edit Post

Commission on Higher Education (CHED) chairman Emmanuel Angeles announced that 152 nursing colleges are in danger of being closed if the passing rate of their graduates do not improve. In the last five years, these schools posted lower passing scores than the national passing rate of 46.16% in the board exam. Next year, they will still be given a chance before facing the propect of being phased out in the business.

Nursing colleges with less than 5% passing rate of their graduates in three consecutive years will not be permitted to operate.

The most number of nursing colleges with poor performance are concentrated in MetroManila. Included n the list are: Arellano University-Manila, Arellano University-Pasay, De Los Santos-STI College, De Ocampo Memorial College, Dominican College, Dr. Carlos S. Lanting College, Emilio Aguinaldo College, J.P. Sioson General Hospital and Colleges, La Consolacion College Manila, Las Piñas College, Martinez Memorial College, Mary Chiles College, Olivarez College, Pamantasan ng Lungsod ng Pasay, Perpetual Help College of Manila, Philippine College of Health Sciences, Philippine Rehabilitation Institute Foundation, Southeast Asian College, St. Jude College, St. Rita Hospital College of Nursing and School of Midwifery, STI College-Recto, the Family Clinic, Unciano Colleges and General Hospital, University of Perpetual Help-Rizal, and World Citi Colleges, Quezon City. Other erring schools are in Calabarzon, 23 schools; Central Luzon, 20; Ilocos Region, 16; Bicol, 14; SOCCSKSARGEN, 8; Northern Mindanao, 7; Zamboanga Peninsula, Davao Region and Cordillera Administrative Region, 6; Cagayan Valley and Central Visayas, 5; CARAGA Region, 3; and Eastern Visayas and Mimaropa Region, 1.--- Philstar (11/25/09, Ronda, R.A.)

The mushrooming of substandard nursing schools predictably produced half-baked graduates who have difficulty passing the board of examination. These colleges should not have been allowed to operate. Under the noses of education and labor regulators, schools nonetheless graduated so many nurses. The wastage of time, money, and effort was ignored until the despicable consequences were obvious.

Because of neglectful education planning and labor allocation, almost a hundred thousand licensure candidates are to take the next board exam at the end of November. A despicable scandal of the profession, many of them have dismal chances of landing a job locally or abroad.(Photo Credit: nursingpins.com) =0=

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Labels: board exam, Board of Nursing, CHED, closures, Education, employment, joblessness, licensure, nurses, schools, Totie Mesia, unemployment

Worst bank closures: 106 banks shut down in 2009

10/26/2009 | Posted by mesiamd | Edit Post

Clues of More Financial Hardtimes Ahead?

This year’s bank closures are the worst since 1992 during the savings and loan crisis. A total of 106 banks have been shut down by regulators of the Federal Deposit Insurance Corp (FDIC) this year. Because of the closures, it will cost FDIC about 25 billion dollars to shore up the banking system. The cost could reach $100 billion by year 2013. Just this weekend 7 banks have been shut down:

“1. Flagship National Bank, Bradenton, Florida. The FDIC entered into a purchase and assumption agreement with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits of Flagship National Bank. As of August 31, 2009, Flagship National Bank had total assets of $190 million and total deposits of approximately $175 million. In addition to assuming all of the deposits of the failed bank, First Federal Bank of Florida agreed to purchase essentially all of the assets. Total cost to the FDIC: $59 million.

2. Hillcrest Bank Florida, Naples, Florida, was closed by the Florida Office of Financial Regulation. The FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Hillcrest Bank Florida. As of October 1, 2009 , Hillcrest Bank Florida had total assets of $83 million and total deposits of approximately $84 million. Stonegate Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Hillcrest Bank Florida. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase $28 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition. Total cost to the FDIC: $45 million.

3. Partners Bank, Naples, Florida, was closed by the Office of Thrift Supervision. The FDIC entered into a purchase and assumption agreement with Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of Partners Bank. As of September 30, 2009, Partners Bank had total assets of $65.5 million and total deposits of approximately $64.9 million. Total cost to the FDIC: $28.6 million.

4. American United Bank of Lawrenceville, Georgia, whose deposits will be assumed by Ameris Bank, of Moultrie, Georgia. As of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. Ameris Bank will pay the FDIC a premium of 1.02 percent to assume all of the deposits of American United Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets. Total cost to the FDIC: $44 million.

5. First Dupage Bank, Westmont, Illinois, was closed today by the Illinois Department of Financial & Professional Regulation -- Division of Banking. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Midwest Bank, Itasca, Illinois, to assume all of the deposits of First Dupage Bank. The sole branch of First Dupage Bank will reopen on Saturday as a branch of First Midwest Bank. As of July 31, 2009, First Dupage Bank had total assets of $279 million and total deposits of approximately $254 million. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the assets. Total cost to the FDIC: $59 million.

6. Riverview Community Bank, Otsego, Minnesota, was closed today by the Minnesota Department of Commerce. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Riverview Community Bank. As of August 31, 2009, Riverview Community Bank had total assets of $108 million and total deposits of approximately $80 million. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets. Total cost to the FDIC: $20 million.

7. Bank of Elmwood, Racine, Wisconsin, was closed today by the Wisconsin Department of Financial Institutions. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Tri City National Bank, Oak Creek, Wisconsin, to assume all of the deposits of Bank of Elmwood. Bank of Elmwood had total assets of $327.4 million and total deposits of approximately $273.2 million. Tri City National Bank did not pay the FDIC a premium for the deposits of Bank of Elmwood. In addition to assuming all of the deposits of the failed bank, Tri City National Bank agreed to purchase essentially all of the assets. Total cost to the FDIC: $101.1 million. “---ConsumersAffairs.com (10/24/09, Bosworth, M.)

Bank officials expect more closures to extend till 2012. Taking the option to close in order to avoid public panic, many smaller banks are hard hit by delinquency in loan payments, falling home values, and worsening unemployment of about 10%.

As a result of bank failures, the insurance fund of the FDIC is in danger of being depleted. Financial analysts believe the projected recovery between 2010 to 2013 will not be as robust as the optimism expressed by the Obama administration. (Photo Credit: Debtfree/ Daniloff) =0=

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Labels: banking, bankruptcy, closures, FDIC, financial, Totie Mesia

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152 RP nursing colleges warned of closure

Worst bank closures: 106 banks shut down in 2009

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